KARACHI: Pakistan Stock Exchange on Tuesday remained under selling pressure on investor fear over rumors of imposition of tough tax measures in the next federal budget.

The benchmark KSE-100 Index plunged by 663.07 points or 0.91 percent and closed at 72,589.49 points. After positive opening, the index hit 73,866.45 points intra-day high, however dropped into deep red due to selling pressure to hit 72,476.05 points intra-day low level.

The daily trading volumes on ready counter increased to 372.538 million shares as compared to 350.721 million shares traded on Monday while total daily traded value on the ready counter increased to Rs 11.650 billion against previous session’s Rs 10.180 billion.

BRIndex100 decreased by 82.31 points or 1.08 percent to close at 7,543.45 points with total daily turnover of 272.593 million shares.

BRIndex30 declined by 324.34 points or 1.33 percent to close at 24,035.38 points with total daily trading volumes of 197.226 million shares.

Foreign investors also remained net sellers of shares worth $230,757. Total market capitalization declined by Rs 100 billion to Rs 9.754 trillion. Out of total 431 active scrips, 263 closed in negative and 107 in positive while the value of 61 stocks remained unchanged.

K-Electric was the volume leader with 45.897 million shares however lost Rs 0.14 to close at Rs 4.50 followed by WorldCall Telecom that inched down by Rs 0.05 to close at Rs 1.29 with 33.249 million shares. Pervez Ahmed Co closed at Rs 1.19, down Rs 0.44 with 29.026 million shares.

Hoechst Pakistan and Sapphire Fibres were the top gainers increasing by Rs 50.98 and Rs 41.45 respectively to close at Rs 1,500.00 and Rs 1,450.00 while Ismail Industries and Mari Petroleum Company were the top losers declining by Rs 121.78 and Rs 61.12 respectively to close at Rs 1,432.22 and Rs 2,535.39.

An analyst at Topline Securities said that the PSX witnessed a volatile session as the index opened at 73,866 points, dipped to a low of 72,476 points, and eventually settled at 72,589 points.

The selling pressure can be attributed to the anticipation of higher tax in upcoming budget, scheduled for tomorrow.

The negative trajectory was primarily influenced by companies such as SYS, MEBL, MARI, OGDC, and ENGRO, collectively contributing to a loss of 280 points.

BR Automobile Assembler Index plunged by 253.96 points or 1.48 percent to close at 16,882.09 points with total turnover of 10.624 million shares.

BR Cement Index declined by 136.59 points or 1.8 percent to close at 7,437.07 points with 44.414 million shares.

BR Commercial Banks Index decreased by 136.16 points or 0.7 percent to close at 19,278.85 points with 15.986 million shares.

BR Power Generation and Distribution Index lost 88.61 points or 0.51 percent to close at 17,314.04 points with 49.628 million shares.

BR Oil and Gas Index fell by 96.73 points or 1.55 percent to close at 6,155.89 points with 21.739 million shares.

BR Tech. & Comm. Index depreciated by 115.42 points or 2.88 percent to close at 3,894.33 points with 58.954 million shares.

Mubashir Anis Naviwala at JS Global Capital said that the market welcomed interest rate cut announcement and opened with a gap of plus 600 points, but all gains were wiped out in a couple of hours.

Pressure was seen across the board and notably low investor participation was witnessed. Traded volume stood at 372 million shares where KEL (down 3.0 percent), WTL (down 3.7 percent), PASL (down 27 percent), AMTEX (down 21 percent) and KOSM (down 6.1 percent) were volume leaders.

Copyright Business Recorder, 2024